Sound Global : Announcements and Notices – Update on Suspension of Trading
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
SOUND GLOBAL LTD.
(Incorporated in the Republic of Singapore with limited liability) (Singapore Company Registration Number 200515422C)
(Hong Kong Stock Code: 00967)
UPDATE ON SUSPENSION OF TRADING
This announcement is made by Sound Global Ltd. (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.24A of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)
References are made to the announcements of Sound Global Ltd. (the “Company”) dated 13 April 2016, 29 April 2016, 31 August 2016, 2 June 2017, 19 June 2017, 28 June 2017, 24 July 2017,
8 August 2017 and 13 September 2017 (the “Announcements”). Unless otherwise specified, capitalised terms used in the Announcements shall have the same meanings when used herein.
DELAY IN (1) PUBLICATION OF 2016 INTERIM RESULTS, FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 AND INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 JUNE 2017 AND (2) DESPATCH OF 2015 ANNUAL REPORT, 2016 INTERIM REPORT, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2016 AND INTERIM REPORT FOR THE 6 MONTHS ENDED 30 JUNE 2017 (THE “OUTSTANDING RESULTS”)
The Board would like to announce that further time is required by the auditors of the Company (the “Auditors”) to consider the material events occurred subsequent to the relevant reporting periods of the Outstanding Results. The Company is continuing its efforts in working closely with the Auditors to issue the Outstanding Results as soon as possible.
Based on the progress of the works of the auditors of the Company, the Company expects to publish its 2015 Annual Report in or around mid-October 2017. For the rest of the Outstanding Results, it is currently expected that they will be published in or around mid-November 2017.
INDEPENDENT INVESTIGATION REPORT
On 13 April 2016, trading in the Shares of the Company was suspended under Rule 8(1) of the Securities and Futures (Stock Market Listing) Rules (Chapter 571V of the Laws of Hong Kong) as the SFC found the bank balances of 5 bank accounts of the subsidiaries of the Company as at 31 December 2012 and 31 December 2013 to be overstated by around RMB2.1 billion and RMB2.7 billion respectively.
As at the date of this announcement, the Reviewer is continuing to perform investigation services to the Company in respect of the above, and its report on the said investigation is expected to be finalised in or around early October 2017. Notwithstanding the fact the Company has been actively assisting the Reviewer, the Company was given to understand from the Reviewer that based on the information provided by external parties in response to its enquiries, the findings of the Reviewer may not be adequate to satisfactorily address the concerns of the SFC. The Company is currently discussing with the Reviewer in relation to further possible works and procedures to be undertaken by the Reviewer in order to address the above.
As announced in the announcement of the Company dated 13 September 2017 issued pursuant to Rule 3.7 of the Takeovers Code, the Company understands that the proposed privatisation of the Company may be carried out by way of the Selective Capital Reduction, pursuant to which all the Shares held by the Independent Shareholders will be cancelled in consideration of payment of a specified cash amount per Share. The SIC Application has also been made to the Securities Industry Council of Singapore for its rulings under the Singapore Takeover Code in respect of the Selective Capital Reduction.
CONTINUED SUSPENSION OF TRADING
Trading in the shares of the Company on the Stock Exchange has been suspended with effect from 9 a.m. on 13 April 2016 and will remain suspended until further notice.
The Company will keep the Shareholders and potential investors informed of any material development in connection with the above matters by way of periodic announcements and/or further announcement(s) as and when appropriate.
By Order of the Board
Sound Global Ltd.
Hong Kong, 26 September 2017
As of the date of this announcement, the executive Directors are Wen Yibo, Luo Liyang, Zhou Hao, Liu Xiqiang and Li Feng; and the independent non-executive Directors are Ma Yuanju, Zhang Shuting and Luo Jianhua.
The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquires, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.
* For identification purposes only
Sound Global Ltd. published this content on 26 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 September 2017 11:39:02 UTC.